Geeto67 Posted April 11, 2017 Report Share Posted April 11, 2017 So I have been looking at Porsche 996s lately (obsessing actually) and I am thinking I may want to pull the trigger on one later this year. for those that don't know 996's are model year 1999 to 2004, so the newest ones are 13 years old. Its not hard to find under 100K mile examples and honestly if I am going to do this I would like to spend for something I really want and not just buy the first $15K 996 that tickles my fancy. I've financed motorcycles through credit unions in the past but never a car (I've financed 1 car in my life, the rest I paid cash for). I work for a bank but my bank won't finance older than 2007 and even then only if I buy from a dealer. Has anybody here actually financed an older car like this? If so what were the upsides and downsides? Any recommendations? I hear Pentagon Federal Credit Union (PenFed) and Compass Bank come up a lot but are there local Credit Unions people prefer? Quote Link to comment Share on other sites More sharing options...
Lauren Posted April 11, 2017 Report Share Posted April 11, 2017 No idea about financing them but I have been looking at 996's and BK Stars lately as well. They are so damn cheap. They are about 3-5k cheaper in Florida then Ohio area. Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted April 11, 2017 Author Report Share Posted April 11, 2017 No idea about financing them but I have been looking at 996's and BK Stars lately as well. They are so damn cheap. They are about 3-5k cheaper in Florida then Ohio area. They are also cheaper depending on the model and options as well. For some reason Convertibles are like 1/3 less than same year coupes, even with more options. The 996 Turbos are the cheapest turbo Porsches you can get right now, and they are 400+ hp (https://www.cars.com/vehicledetail/detail/684501310/overview/). This whole thing kicked off in my head because someone I know offered me a really nice low mile 1999 Convertible 6mt (with factory hardtop) a weird color, and a lot of options for around $15K and I was tempted (IMS bearing done as well). Then I started to look around and realized I could get a 4S coupe 6mt for somewhere in the mid $20K range and now I want one that isn't silver, red, or black, and I prefer a terracotta or red interior (ideal would be dark blue paint with terracotta interior but that's rare - so far this one comes the closest: https://www.cars.com/vehicledetail/detail/677772190/overview/). I want it as a daily driver to replace my rapidly aging bmw so I plan to keep it for a while, probably 10 years. Quote Link to comment Share on other sites More sharing options...
BStowers023 Posted April 11, 2017 Report Share Posted April 11, 2017 I financed my FRC through Navy Federal. I believe their general rule is normal financing with any model within 20 years and anything older than that requires a classic car loan but I do know for a fact that Navy Federal offers loans for older (classic) cars. I think the only difference is the interest rate may be higher and the financing term might be shorter but that's it. I would just call around to different credit unions and ask. Quote Link to comment Share on other sites More sharing options...
AudiOn19s Posted April 11, 2017 Report Share Posted April 11, 2017 I've found with credit unions that if your credit score is high enough and you're not asking to borrow more than the car is worth they'll gladly finance anything. You will pay a premium on interest rates and may have to do a shorter term but that's likely to play in your favor anyhow. It's not horrible penalties but it's probably 1-1.5 points if I remember correctly. Quote Link to comment Share on other sites More sharing options...
Miller Posted April 11, 2017 Report Share Posted April 11, 2017 I bought my 17 year old Dodge using PenFed. I put a little bit down. 2.9% @ 48 months. I like them a lot for servicing the loan. The only negative I see is that you pay a full percentage higher and sometimes a little more for the old used car than you would a newer or lightly used one when the number of terms are the same. Edit: I didn't read Andy's post. x2 Quote Link to comment Share on other sites More sharing options...
Lauren Posted April 11, 2017 Report Share Posted April 11, 2017 Op you realize an 05/06 911 S is high 20's low 30's. The interest rate and termmoght be better on the newer car where it's almost same money. Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted April 11, 2017 Author Report Share Posted April 11, 2017 Op you realize an 05/06 911 S is high 20's low 30's. The interest rate and termmoght be better on the newer car where it's almost same money. yeah, but at $30K a) I would rather have a Turbo 996 because horsepower, and b) I am looking to cap this at around $20-22K. A friend of mine picked up a similar 4S from a PCA member off the Pelican forums for about $20K so I would like to keep to that range. I have great credit so the idea of a 2.9% finance instead of 1.9% on a $20K loan doesn't really scare me (though I should be more sensible). Quote Link to comment Share on other sites More sharing options...
BigOxley Posted April 11, 2017 Report Share Posted April 11, 2017 USAA, if you have access, will finance just about any vehicle. Sent from my iPhone using Tapatalk Quote Link to comment Share on other sites More sharing options...
BDHG940 Posted April 13, 2017 Report Share Posted April 13, 2017 I have great credit so the idea of a 2.9% finance instead of 1.9% on a $20K loan doesn't really scare me (though I should be more sensible). Interest rates have gone up, son. Good luck on your hunt. I am jealous! Quote Link to comment Share on other sites More sharing options...
AudiOn19s Posted April 13, 2017 Report Share Posted April 13, 2017 yeah, but at $30K a) I would rather have a Turbo 996 because horsepower, and b) I am looking to cap this at around $20-22K. A friend of mine picked up a similar 4S from a PCA member off the Pelican forums for about $20K so I would like to keep to that range. I have great credit so the idea of a 2.9% finance instead of 1.9% on a $20K loan doesn't really scare me (though I should be more sensible). There's a 100k mile C4s on Rennlist right now for $19k. Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted April 13, 2017 Author Report Share Posted April 13, 2017 There's a 100k mile C4s on Rennlist right now for $19k. Good catch, I'll check it out. 100k miles is a little high for what I was looking for though. Quote Link to comment Share on other sites More sharing options...
AudiOn19s Posted April 13, 2017 Report Share Posted April 13, 2017 Good catch, I'll check it out. 100k miles is a little high for what I was looking for though. agreed...and it's got some wear and flaws and you'd still have to do the IMS fix...but it's a wide body C4s which has some appeal. Quote Link to comment Share on other sites More sharing options...
Lauren Posted April 13, 2017 Report Share Posted April 13, 2017 How hard is it to convert c4s to rwd? Quote Link to comment Share on other sites More sharing options...
AudiOn19s Posted April 13, 2017 Report Share Posted April 13, 2017 How hard is it to convert c4s to rwd? 996 generation I don't think it's that difficult....at least on the Turbo I know it's not. Remove drive shafts and even front diff if you want. You can use stub axles from other c2 applications for the conversion and to keep the ABS happy. I'd guess the electronics on the C4s are not too much more complicated than those on the turbo. With the 997 generation cars the electronics will throw a fit if you try it. Quote Link to comment Share on other sites More sharing options...
Miller Posted April 13, 2017 Report Share Posted April 13, 2017 So is this the same generation and model that Rymer owns? Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted April 13, 2017 Report Share Posted April 13, 2017 It may be worthwhile to check out Huntington. They finance deals based more on the buyer than the car. If you're over a 720 FICO Auto you can finance just about any car you want with them unless your DTI is shite. Obviously interest rates are gonna be slightly higher, but I've seen 'em do 30 year old cars on a 4-5 year loan. Military-related lenders (PenFed, USAA, Navy Fed) often give the best rates for people with utter dogshit credit, but their rates for high credit are not insanely better. Their strength is stepping up for servicepeople with shit histories, but they also do right by others as well. Check into Huntington's fees. It's been a few months since I've been out of the business but I believe they have a $195 fee at the beginning. Always ask about prepayment penalties too. Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted April 13, 2017 Author Report Share Posted April 13, 2017 996 generation I don't think it's that difficult....at least on the Turbo I know it's not. Remove drive shafts and even front diff if you want. You can use stub axles from other c2 applications for the conversion and to keep the ABS happy. I'd guess the electronics on the C4s are not too much more complicated than those on the turbo. With the 997 generation cars the electronics will throw a fit if you try it. Didn't they base the GT2 or GT3 on the Carerra 4 awd bodyshell? Something about it being stiffer? https://rennlist.com/forums/996-forum/762585-how-to-convert-your-awd-996-to-rwd.html Apparently the AWD system is completely mechanical, similar to the haldex sytem on Audis. pull the parts and you are off to the races. Quote Link to comment Share on other sites More sharing options...
AudiOn19s Posted April 13, 2017 Report Share Posted April 13, 2017 Didn't they base the GT2 or GT3 on the Carerra 4 awd bodyshell? Something about it being stiffer? Correct, both GT2 and GT3 were built off of the C4 tub because of increased stiffness. Quote Link to comment Share on other sites More sharing options...
Versluis Posted April 13, 2017 Report Share Posted April 13, 2017 I will tell you that my dad LOVES his C4s he picked up last fall. Found in LA and had it shipped out. Quote Link to comment Share on other sites More sharing options...
Jewtoys Posted April 13, 2017 Report Share Posted April 13, 2017 Lightstream. They will loan on any vehicle, year doesn't matter. They also don't put on a lein on the vehicle. Super easy, all done online. Great option if you're looking to pay something off quickly. You need a rock solid score, and highish income though. Considering you're looking at 996, that might not be the best option. I'm sure you can find a local credit union though, or pennfed. 996 TT? Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted April 13, 2017 Author Report Share Posted April 13, 2017 Lightstream. They will loan on any vehicle, year doesn't matter. They also don't put on a lein on the vehicle. How does that work? is it an unsecured line of credit like a credit card? Quote Link to comment Share on other sites More sharing options...
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